Low Volume Downfall Suggests Ethereum Price Should Rise Back To $1400

Ethereum’s price fell with decreasing volume for three consecutive days, suggesting a temporary slump. Therefore, if the altcoin price could sustain above the $1245 or $1100 mark in the coming week, the bullish recovery could rise higher to meet the $1410 barrier. But will the price follow up on this recovery, or we resume the prevailing downtrend?

Key points: 

The $1410 mark stands as a strong resistance level for bullish growth
The 20-and-50-day EMA bearish crossover would encourage more sellers for the coin
The intraday trading volume in Ethereum is $10 Billion, indicating a loss of 16.5%. 

Source- Tradingview

Amid the recent sell-off in the crypto market, the Ethereum price breached the monthly support of $1245. This massive breakdown indicated the sellers’ were ready to drive the prices to lower levels.

However, with the recent CPI data releasing better than expected, the market crypto witnessed a significant inflow on November 10th. As a result, the temporary pullback reclaimed the breached support and offset this week’s bearish breakdown.

Nonetheless, amid sustained selling on the weekend, the Ethereum price dropped 6% in the last three days and currently trades at $1223. Thus, a daily candle below $1245 will intensify the bearish momentum for the further price drop.

The post-breakdown fall could plunge the prices 18.5% lower to hit the $1000 psychological mark. 

However, the decreasing volume in falling prices indicates bearish momentum is currently weak. Therefore, if the buyers could push the prices above $1245, mark the bearish thesis will weaken, and the suitable launchpad of $1245 will drive the prices 14% higher to hit the $1410 resistance.

Technical indicator-

EMAs: the downsloping EMAs(20 and 50) accumulated near the $1410 mar, strengthening this horizontal level’s resistance power.

MACD indicator: the MACD and signal line entering bearish territory with a long spread indicate growth in underlying bearishness. Moreover, this breakdown should welcome more sellers into the market.

Ethereum intraday price levels

Spot price: $1229
Trend: bearish
Volatility: Medium
Resistance level- $1245 and $1344
Support level- $1100 and $1000